以下文章来源于第一财经YiMagazine ，作者文思敏、何思锦 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀 请你一起探寻明亮的商业世界。 2025.11. 20 本文字数：6307，阅读时长大约10分钟 来源 | 第一财经YiMagazine 记者 | 文思敏 实习记者 | 何思锦 编辑 | 倪妮 9月13日，老铺黄金在素有北京乃至全国高端消费风向标之称的北京SKP开出了第三家独立门店。 此前，北京SKP店已经为老铺黄金贡献了极高业绩增长——2025年上半年，老铺黄金北京SKP店 的销售额同比增长近220%，帮助拉高公司整体业绩至约20%的正增长；其2025年中期业绩显 示，上半年，老铺黄金北京SKP店平均店效近5亿元，超过这家商场所有珠宝品牌和一线奢侈品品 牌——在奢侈品普遍增长放缓的背景下，这一表现可以称得上优秀了。 不仅是北京，老铺黄金还在上海高端商圈继续卡位——5月是港汇恒隆广场，6月是国金中心，8月 则开出新天地门店，它还明确年内将在上海恒隆广场再开一家门店。此外，老铺黄金的海外首店也 于6月落户于新加坡滨海湾金沙购 ...

Core Viewpoint - Lao Pu Gold has emerged as a phenomenon in the capital market since its listing on the Hong Kong Stock Exchange, with a significant increase in stock price and market capitalization, reflecting strong investor interest and confidence in the brand's growth potential [2][4]. Company Overview - Lao Pu Gold, a representative of high-end traditional gold brands in China, has seen its stock price rise dramatically since its debut, reaching a historical high of 1108 HKD per share on July 8, 2023, and currently standing at 659 HKD per share, representing a cumulative increase of 10.43 times since listing [2]. - The company has a market capitalization of 119 billion HKD, placing it among the top-tier companies in the Hong Kong stock market [2]. Business Model and Strategy - Lao Pu Gold differentiates itself by adopting a unique pricing strategy based on piece pricing rather than the traditional per gram plus processing fee model, which enhances product value and aligns with the growing consumer demand for "value preservation and self-satisfaction" amid economic slowdown [2][4]. - The brand has successfully filled a gap in the domestic high-end gold jewelry market, gaining recognition among high-net-worth individuals and showcasing significant market and pricing potential [3]. Financial Performance - In the first half of 2023, Lao Pu Gold reported a revenue of 12.354 billion RMB, a year-on-year increase of 250.95%, with a net profit of 2.268 billion RMB, up 285.76% compared to the previous year [4]. - The company's revenue for the entire year of 2022 was less than 1.3 billion RMB, indicating a remarkable growth trajectory with cumulative profits exceeding 4.1 billion RMB in just over two years [4]. Expansion and Future Outlook - Lao Pu Gold is actively expanding its presence, having opened 41 self-operated stores in 16 cities in the first half of 2023, compared to 33 stores in the same period last year [4]. - The introduction of new tax regulations in November may increase procurement costs for the gold jewelry industry, but Lao Pu Gold's strong pricing power and cost control capabilities may enhance its competitive advantage [4]. Market Sentiment - Analysts express optimism regarding Lao Pu Gold's growth prospects, recognizing its potential for development and competitiveness in the high-end jewelry market [5].

Investment Rating - The investment rating for the company is "Accumulate" [5][11]. Core Views - The company has raised product prices for the third time in 2025, with increases exceeding 20% for several products, reflecting a strong correlation with the rising gold prices [5][7]. - The company is positioned as a high-end brand, drawing parallels with luxury brands like Hermes and Tiffany, and is focused on enhancing its brand image through unique product designs and high-quality service [9][10]. - The company aims to expand its market presence and is expected to achieve significant revenue growth, with projected revenue growth rates of 138%, 39%, and 12% from 2025 to 2027 [11][13]. Company Overview - The latest closing price of the company's stock is HKD 695.00, with a total market capitalization of HKD 1,200.10 billion [4]. - The company has a debt-to-asset ratio of 38.13% and a price-to-earnings ratio of 34.66 [4]. - The company has created nearly 2,100 original designs and holds numerous patents, indicating a strong focus on innovation and design [10]. Financial Performance and Forecast - The company is expected to see a significant increase in operating income, with projections of HKD 20,269.61 million in 2025 and HKD 31,562.04 million in 2027 [13]. - The net profit attributable to the parent company is forecasted to grow from HKD 4,117.98 million in 2025 to HKD 7,339.77 million in 2027, reflecting a robust growth trajectory [13]. - Earnings per share (EPS) are projected to increase from HKD 23.85 in 2025 to HKD 42.51 in 2027, indicating strong profitability [13].

Core Viewpoint - The recent significant drop in international gold prices coincides with Laopuhuang's announcement of a new financing plan through a share placement, indicating a strategic move to bolster inventory amid fluctuating gold prices [1][2]. Group 1: Financing Details - Laopuhuang announced a share placement agreement with Morgan Stanley and Goldman Sachs to issue approximately 3.7118 million new H-shares at a price of HKD 732.49 per share, representing a discount of about 4.50% from the closing price of HKD 767.00 on October 21 [1]. - The placement will increase Laopuhuang's registered capital to approximately RMB 176 million, with the new shares accounting for about 2.66% of existing H-shares and 2.15% of total share capital [1]. - The expected net proceeds from the placement, after deducting commissions and estimated expenses, are approximately HKD 2.707 billion, with 70% allocated for inventory reserves, 10% for store expansion and optimization, and 20% for working capital and general corporate purposes [1]. Group 2: Market Context - On October 22, the international gold market experienced a sharp decline, with spot gold prices dropping over 6%, marking the largest single-day drop since April 2013 [2]. - The decline in gold prices is attributed to a technical correction after a period of rising prices, a strengthening US dollar, and profit-taking by some investors [2]. - For jewelry companies like Laopuhuang, the drop in gold prices presents a potential opportunity to lower raw material procurement costs, which is crucial for maintaining profitability during peak sales seasons [2]. Group 3: Strategic Implications - Laopuhuang's management indicated that the financing is a proactive measure to ensure sufficient inventory in light of rising gold prices and the long procurement cycle, especially ahead of the holiday sales season [2]. - The decision to conduct a share placement during a price correction is seen as a sign of management's confidence in the long-term outlook for gold prices, allowing the company to lock in costs and secure profit margins for future sales [2]. - This marks the second share placement by Laopuhuang in 2023, following a previous placement in May that raised approximately HKD 2.698 billion, with only about HKD 10 million of those funds remaining unutilized as of September 30 [2][3].

Core Viewpoint - The rising gold prices are driving an increase in retail prices for gold jewelry brands, with several companies announcing price hikes in response to the ongoing surge in international gold prices [1][2][3]. Group 1: Price Increases and Consumer Behavior - Gold prices have risen significantly, with retail prices for gold jewelry brands like Baolan Jewelry increasing, with a reported price of 1100 RMB per gram as of September 23 [1]. - Baolan Jewelry plans to raise prices across all products by approximately 10% on September 28, following a previous price increase earlier in the year [3]. - Despite the price hikes, consumer interest remains strong, with reports of increased foot traffic and sales at Baolan Jewelry stores during promotional events [3]. Group 2: Competitive Landscape - The success of Laopu Gold has inspired other brands like Baolan, Junpei, and Linchao to adopt similar high-end strategies, including complex craftsmanship and cultural elements in their products [6][8]. - Laopu Gold has set a precedent with multiple price increases this year, with reported increases ranging from 4% to 13% [4][9]. - Other brands are also expanding their presence in high-end shopping malls, with Junpei and Baolan opening new stores in major cities [8][10]. Group 3: Market Position and Future Prospects - Laopu Gold has established a significant market presence with 41 self-operated stores across 16 cities, while competitors like Junpei and Baolan have far fewer locations, with 6 and 5 stores respectively [9][10]. - Despite the smaller scale, there is investor interest in these emerging brands, as evidenced by Linchao Jewelry's successful angel round financing aimed at enhancing brand influence [11].

Core Viewpoint - Guangdong Chao Hong Ji Industrial Co., Ltd. (referred to as "Chao Hong Ji") has submitted an application for an IPO on the Hong Kong Stock Exchange, aiming for a dual listing in both A-share and H-share markets, with CITIC Securities as the sole sponsor [1] Company Overview - Chao Hong Ji was established in 1997 in Shantou, Guangdong, focusing on the younger consumer demographic with a differentiated product offering of 18K gold jewelry, earning the title "King of K-gold" [2] - The company successfully listed on the Shenzhen Stock Exchange in 2010, becoming the first fashion jewelry company to do so in China [3] Business Expansion - In 2014, Chao Hong Ji fully acquired the well-known women's bag brand "FION," expanding its business from jewelry to handbags [4] - The company has shifted its focus towards trendy, lightweight, and high-craftsmanship gold jewelry, launching a series of products in collaboration with domestic cultural trends [5] Financial Performance - For the first half of 2025, Chao Hong Ji reported a revenue of 4.102 billion RMB, a year-on-year increase of 19.54%, and a net profit attributable to shareholders of 331 million RMB, up 44.34% [5] - Jewelry remains the primary revenue source, contributing 93.6% of total income in the first half of 2025, while handbag revenue has been declining, dropping 16.9% year-on-year to 120 million RMB [7][5] Revenue Growth and Trends - The classic gold jewelry segment has seen rapid growth, with revenue increasing from 1.42 billion RMB in 2022 to 2.92 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 43.4% [8] - In contrast, the fashion jewelry segment has experienced slower growth, with revenue rising from 2.45 billion RMB in 2022 to 2.94 billion RMB in 2024, showing a CAGR of 9.5% [9] Margin Analysis - The overall gross margin for Chao Hong Ji's jewelry has declined from 24.6% in 2022 to 19.6% in the first half of 2025 [10] - Specifically, the gross margin for fashion jewelry decreased from 34.5% to 26.8%, while the classic gold jewelry margin improved from 7.9% to 11.8% [11] Store Expansion Strategy - As of June 30, Chao Hong Ji operated a total of 1,542 jewelry stores, including 201 self-operated and 1,337 franchise stores [12] - The company has transitioned from a self-operated model to a franchise model, with the number of self-operated stores decreasing from 324 to 202 between 2022 and 2025 [13] Same-Store Sales Growth - In the first half of 2025, same-store gross merchandise volume (GMV) for self-operated stores grew by 26.5%, while franchise stores saw a 32.0% increase [14] International Expansion - Chao Hong Ji has begun international expansion, opening its first overseas store in Malaysia in 2024, followed by another in Thailand, and two more in Cambodia in 2025 [16] - The funds raised from the IPO will primarily be allocated for overseas expansion, building new production facilities, and marketing efforts to support both domestic and international growth [16]

Core Viewpoint - The company reported significant growth in sales and profits for the first half of 2025, with a notable increase in both domestic and international markets, while also planning a price adjustment for its products to improve profit margins [1][3][4]. Revenue Analysis - The company achieved a total sales revenue of RMB 14.2 billion in H1 2025, representing a year-on-year increase of 249%, with revenue of RMB 12.3 billion, up 251% [1]. - The company maintained the highest average sales performance per store in a single shopping mall in mainland China, achieving an average of RMB 459 million per store [2]. - The sales revenue from physical stores accounted for 86.9% of total revenue, growing by 243% year-on-year, while online sales contributed 13.1%, with a growth rate of 313% [2]. - Domestic sales reached RMB 12.6 billion, making up 87.1% of total revenue, with a year-on-year growth of 233%, while international sales were RMB 1.6 billion, up 455% [2]. Profit Analysis - The company's gross profit margin was 38.1%, a decrease of 2.6 percentage points compared to the previous year, primarily due to a significant rise in gold prices [3]. - The company plans to adjust prices on August 25, 2025, which is expected to improve gross profit margins in the second half of the year [3]. - The total expense ratio decreased to 13.8%, down 5.1 percentage points year-on-year, indicating improved operational efficiency [3]. Industry Analysis - The company anticipates continued upward movement in gold prices, with expectations for London gold to exceed USD 3,500 and Shanghai gold to surpass RMB 800 per gram [4]. - The company is positioning itself as a luxury brand, drawing parallels with high-end brands like Hermès and Tiffany, focusing on exclusivity and high-quality service [4][5]. - The company has created nearly 2,100 original designs and holds numerous patents, showcasing its commitment to craftsmanship and cultural elements in its products [5]. Investment Outlook - The company is expected to maintain strong growth in same-store sales and expand its market presence, with projected revenue growth rates of 138%, 39%, and 12% for 2025-2027 [6]. - The earnings per share (EPS) are forecasted to be RMB 24, 36, and 43 for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 28x, 19x, and 16x [6].

Core Viewpoint - The company reported strong financial performance for 1H25, with significant revenue and profit growth, meeting market expectations [1][2]. Financial Performance - Revenue increased by 251% year-on-year to 12.4 billion yuan, while net profit attributable to shareholders rose by 286% to 2.3 billion yuan [1]. - The company proposed a mid-term dividend of 9.59 yuan per share, with a payout ratio of approximately 73%, marking its first interim dividend [1]. Retail Performance - The company demonstrated a strong retail performance, with same-store sales continuing to grow significantly [1]. - Offline revenue grew by 243% year-on-year to 10.7 billion yuan, supported by the opening of 5 new stores, bringing the total to 41 [1]. - Same-store revenue increased by 201%, with average sales per single mall reaching 460 million yuan, ranking first among domestic and international jewelry brands [1]. - Online revenue surged by 313% to 1.6 billion yuan, contributing 13% to total revenue [1]. Geographic Performance - Revenue from mainland China increased by 233% to 10.8 billion yuan, while overseas revenue grew by 455% to 1.6 billion yuan, also contributing 13% to total revenue [1]. Gross Margin and Inventory - Gross margin decreased by 3.2 percentage points to 38% due to rising gold prices, with only one price adjustment during the period [2]. - The company’s inventory increased from 4.1 billion yuan at the beginning of the year to 8.7 billion yuan by the end of June, with inventory turnover days improving from 195 days in 2024 to 150 days in 1H25 [2]. Brand Positioning - The company continues to emphasize its unique high-end positioning in the ancient gold industry, with a consumer overlap of 77.3% with major luxury brands [2]. - As of June, the company had approximately 480,000 loyal members, an increase of about 130,000 since the beginning of the year [2]. Future Development - The management anticipates that new and optimized channels from store openings in high-end shopping centers will contribute significantly to revenue and profit in the second half of the year [2]. - A price increase for products is planned for August 25, which is expected to support gross margin performance [2]. Earnings Forecast and Valuation - The company maintains its EPS forecasts for 2025 and 2026 at 26.57 yuan and 35.80 yuan, respectively [3]. - The current stock price corresponds to 27 and 20 times the 2025 and 2026 P/E ratios, with a target price of 1,079.06 HKD, indicating a potential upside of 38% [3].

Core Viewpoint - The report maintains the EPS forecast for Laopuhuang (06181) at 26.57/35.80 CNY for 2025/26, with the current stock price corresponding to 27/20 times the 2025/26 P/E ratio, and keeps the outperform rating and target price at 1079.06 HKD, indicating a 38% upside potential [1] Group 1: Financial Performance - In 1H25, Laopuhuang reported a revenue increase of 251% year-on-year to 12.4 billion CNY, with net profit attributable to shareholders rising by 286% to 2.3 billion CNY, aligning with market expectations [1] - The company plans to distribute an interim dividend of 9.59 CNY per share, with a payout ratio of approximately 73%, marking its first interim dividend [1] Group 2: Retail Performance - Laopuhuang shows significant retail performance advantages, with same-store sales continuing to grow strongly [2] - Offline revenue increased by 243% year-on-year to 10.7 billion CNY, with the company opening 5 new stores, bringing the total to 41 [2] - Same-store revenue growth was 201%, with average sales per single mall reaching 460 million CNY, leading the domestic and international jewelry brands [2] - Online revenue surged by 313% to 1.6 billion CNY, contributing 13% to total revenue [2] - Revenue from mainland China grew by 233% to 10.8 billion CNY, while overseas revenue increased by 455% to 1.6 billion CNY, also contributing 13% to total revenue [2] Group 3: Margin and Inventory Management - The gross margin in 1H25 decreased by 3.2 percentage points to 38%, primarily due to rapid gold price increases with only one price adjustment during the period [3] - The impressive revenue growth highlighted operational leverage, with sales and management expense ratio declining by 5.1 percentage points [3] - Inventory increased from 4.1 billion CNY at the beginning of the year to 8.7 billion CNY by the end of June, with inventory turnover days improving from 195 days in 2024 to 150 days in 1H25, indicating healthy inventory management [3] Group 4: Brand Positioning - Laopuhuang continues to emphasize its unique high-end positioning in the ancient gold industry, with a consumer overlap of 77.3% with major luxury brands like Louis Vuitton and Hermes [4] - The brand has established a presence in 9 out of the top 10 commercial centers in China, with expectations for full coverage by the end of the year [4] - As of the end of June, the number of loyal members reached approximately 480,000, an increase of about 130,000 since the beginning of the year, indicating ongoing brand expansion [4] Group 5: Future Development Trends - With the opening and optimization of new stores in high-profile locations, management anticipates a more significant contribution to revenue and profit in the second half of the year [5] - The company plans to increase product prices on August 25, which is expected to support gross margin performance [5]

Core Viewpoint - The report from CICC maintains the EPS forecast for Laopuhuang (06181) at 26.57/35.80 CNY for 2025/26, with a target price of 1079.06 HKD, indicating a potential upside of 38% [1] Group 1: Financial Performance - Laopuhuang reported a 251% year-on-year increase in revenue to 12.4 billion CNY for 1H25, with a net profit attributable to shareholders rising 286% to 2.3 billion CNY, meeting market expectations [1][2] - The company plans to distribute an interim dividend of 9.59 CNY per share, with a payout ratio of approximately 73%, marking its first interim dividend [1] Group 2: Retail Performance - The company demonstrated strong retail performance with same-store sales growth of 201%, and average sales per single mall reaching 460 million CNY, leading the domestic and international jewelry brands [2] - Offline revenue grew by 243% to 10.7 billion CNY, while online revenue surged by 313% to 1.6 billion CNY, contributing 13% to total revenue [2] Group 3: Cost and Inventory Management - The gross margin decreased by 3.2 percentage points to 38% due to rising gold prices, with only one price adjustment during the period [3] - Inventory increased from 4.1 billion CNY at the beginning of the year to 8.7 billion CNY by the end of June, with inventory turnover days improving from 195 days in 2024 to 150 days in 1H25 [3] Group 4: Brand Positioning - Laopuhuang's brand reflects a rare sense of luxury, with a consumer overlap of 77.3% with major luxury brands like Louis Vuitton and Hermes, indicating a strong high-end positioning [4] - The company has established a presence in 9 out of the top 10 commercial centers in China, with a loyal membership base of approximately 480,000, an increase of about 130,000 since the beginning of the year [4] Group 5: Future Outlook - The management anticipates that new and optimized channels from recent store openings will contribute significantly to revenue and profit in the second half of the year [5] - A price increase for Laopuhuang products is scheduled for August 25, which is expected to support the company's gross margin performance [5]